Karachi, January 9, 2025 – The Federal Board of Revenue (FBR) has issued a stern warning against obstructing its officials during the performance of their duties, emphasizing that such actions could lead to severe penalties, including imprisonment.
(more…)Tag: Sales Tax Act 1990
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Monetary Penalty Prescribed for Falsifying Sales Tax Records
Karachi, January 6, 2025 – The Federal Board of Revenue (FBR) has outlined specific penalties for individuals found guilty of falsifying sales tax records, as per the provisions of the Sales Tax Act, 1990.
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Sales Tax Deposit Failure to Attract Three-Year Jail
Karachi, January 5, 2025 – The Federal Board of Revenue (FBR) has outlined severe consequences for the failure to deposit sales tax dues, including a potential three-year jail term. According to the Sales Tax Act, 1990, individuals who fail to remit the required sales tax within the prescribed deadlines face strict fines, penalties, and even imprisonment.
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FBR to Impose Stiff Fines for Sales Tax Return Offenses
Karachi, January 5, 2025 – The Federal Board of Revenue (FBR) will impose strict penalties to address delays and non-compliance in filing sales tax returns, emphasizing the importance of timely submissions under the Sales Tax Act, 1990.
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ST Return Filing Deadline? FBR Reveals Extension Secrets
Karachi, January 4, 2025 – The Federal Board of Revenue (FBR) has introduced a clear procedure for taxpayers seeking an extension in filing their sales tax returns. This step aims to streamline compliance and provide relief to registered persons facing genuine difficulties.
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FBR Tightens Reins: Full Sales Details Now Compulsory
Karachi, January 4, 2025 – The Federal Board of Revenue (FBR) has made it mandatory for registered taxpayers to furnish comprehensive transaction details in their sales tax returns.
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NTN or CNIC Mandatory for Sales Tax Invoices: FBR
The Federal Board of Revenue (FBR) has mandated that all sales tax invoices for taxable supplies made to unregistered persons must include the National Tax Number (NTN) or Computerized National Identity Card (CNIC) of the buyer.
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Maintenance of Records under the Sales Tax Act, 1990
The Federal Board of Revenue (FBR) has clarified that the Sales Tax Act, 1990, mandates registered persons to maintain specific records of their business activities at their premises for a duration specified by the FBR. This requirement aims to ensure transparency, facilitate tax compliance, and streamline audits.
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Section 21 of the Sales Tax Act, 1990: Suspension of Registration
Section 21 of the Sales Tax Act, 1990, provides detailed guidelines for de-registration, blocking, and suspension of taxpayer registration. It is a vital mechanism used by the Federal Board of Revenue (FBR) to address tax evasion and ensure compliance. Here’s an expanded overview:
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FBR to Discontinue Gas and Electricity on Tax Non-Compliance
Karachi, December 31, 2024 – The Federal Board of Revenue (FBR) has issued a stern warning to individuals and businesses failing to comply with sales tax laws. Non-compliant taxpayers may face the disconnection of their gas and electricity connections under strict provisions of the Sales Tax Act, 1990.
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